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Accounting for Merchandising Activities
Accounting for Merchandising Activities MCQs
?
Gross profit from sales is the difference between
net sales and operating expenses
net sales and the cost of goods sold
net sales and the cost of goods sold plus all the expenses
gross sales less the sales discounts and sales returns and allowances
?
The buyer received an invoice from the seller for merchandise with a list price of $400 and credit terms of 2/10, n/60. The number 10 in the credit te...
credit period
cash discount allowed for early payment of the invoice
discount period
trade discount
?
The records for Uptown Pet Shop showed the following: Sales $75,000 Beginning merchandise inventory $10,000 Purchases 45,000 Cost of goods sold 50,0...
$5,000
$15,000
$25,000
$40,000
?
Under the periodic inventory system, the Purchases account is used to record
only cash purchases of merchandise inventory
purchases of any asset on account or note payable
only purchases of merchandise inventory on account
purchases of merchandise inventory for cash or on account
?
The Sun Set Shade Company purchased three pieces of office equipment for a total price of $2,100. One piece of equipment costing $800 was damaged on d...
Merchandise Inventory, debit, $800; Accounts Payable, credit, $800
Acc. Payable, debit, $800; Merchandise Inventory, credit, $800
Accounts Payable, debit $800; Office Equipment, credit, $800
Accounts Payable, debit $2,100; Purchases, credit, $2,100
?
Company records disclose the following: Sales $95,000 Beginning merchandise inventory $10,000 Purchases 45,000 Gross profit from sales 50,000 Trans...
must be $5,000
must be $6,000
must be $9,500
must be $10,000
?
Which of the following is used to determine the cost of goods available for sale (periodic inventory)?
beginning merchandise inventory + purchases + ending merchandise inventory
ending merchandise inventory + purchases - freight charges
beginning merchandise inventory + purchases - freight charges
beginning merchandise inventory + purchases - purchases discount + freight charges
?
Under a perpetual inventory system merchandise is purchased on account. The correct journal entry for this purchase will be a
debit to Purchases and a credit to Cash
debit to Merchandise Inventory and a credit to Accounts Payable
debit to Merchandise Inventory and a credit to Cash
debit to Purchases Returns and a credit to Cost of Goods Sold
?
Under a perpetual inventory system part of the merchandise purchased on account at an earlier time is now being returned. None of the goods have been ...
debit to Cash and a credit to Purchases
debit to Merchandise Inventory and a credit to Accounts Payable
debit to Accounts Payable and a credit to Merchandise Inventory
debit to Purchases Returns and a credit to Cost of Goods Sold
?
Under a perpetual inventory system supplies are purchased for cash. The correct journal entry for this purchase will be a
debit to Purchases and a credit to Cash
debit to Merchandise Inventory and a credit to Cash
debit to Supplies and credit Cost of Goods Sold
debit to Supplies and a credit to Cash
?
An item of merchandise was sold with an invoice price of $400 and credit terms of 2/10, n/30. The entry to record the sale would include a credit to S...
$400.00
$396.00
$408.00
$392.00
?
An item of merchandise was sold for $800 cash by a business using the perpetual inventory system. The product sold cost the business $600. After the s...
debit Cash and credit Sales for $800
debit Sales and credit Merchandise Inventory for $600
debit Cost of Goods Sold and credit Merchandise Inventory $600
debit Merchandise Inventory and credit Cost of Goods Sold $800
?
Under the periodic inventory system, which of the following is a correct closing entry?
Income Summary, debit; Sales, credit
Income Summary, credit; Sales Returns and Allowances, debit
Income Summary, debit; Merchandise Inventory (beginning), credit
Purchases, debit; Income Summary, credit
?
When ____________________________, the cost of goods sold will be the same as the cost of purchases.
there is no beginning merchandise inventory (first year of business)
there is no ending merchandise inventory
purchases are equal to net sales
the beginning and ending merchandise inventory values are the same
?
An item of merchandise with a list price of $100 was purchased with a trade discount of 40% and credit terms of 2/10, n/30. If the vendor is paid with...
Purchases, dr., $100.00; Purchase Discounts, cr., $42.00; Cash, cr., $58.00
Accounts Payable, dr., $60.00; Purchase Discounts, cr., $1.20; Cash, cr., $58.80
Accounts Payable, dr., $100.00; Purchase Discounts, cr., $42.00; Cash, cr., $58.00
Accounts Payable, dr., $40.00; Purchase Discounts, cr., $.80; Cash, cr., $39.20
?
If gross sales is $40,000, sales returns and allowances $1,000, sales discounts $400, and delivery expenses $100, the net sales of the business will t...
$38,500
$38,600
$40,000
$39,000
